If the installation order is as you stated, the mapping between IIS and the
.NET framework was not established. You can try either of the following
techniques:
1. Uninstall, then reinstall the .NET Framework (no need to reinstall all of
Visual Studio), or
2. Follow KB article #306005 to establish the needed mapping. 306005 says in
part:
<quote>
When you try to create a new ASP.NET Web application in Visual
                 Studio .NET 2003, you receive the following error message:

                 Visual Studio .NET has detected that the specified Web
server
                 is not running ASP.NET version 1.1. You will be unable to
run
                 ASP.NET Web applications or services.
                 MORE INFORMATION
                 To fix IIS mappings for ASP.NET, follow these steps:
                   Run the Aspnet_regiis.exe utility:
                     Click Start, and then click Run.
                     In the Open text box, type cmd, and then press ENTER.
                     At the command prompt, type the following, and then
press
                     ENTER:
                     "%windir%\Microsoft.NET\Framework\version\aspnet_regiis.exe"
                     -i
                     In this path, version represents the version number of
the
                     .NET Framework that you installed on your server. You
must
                     replace this placeholder with the actual version
number
                     when you type the command.
                   Register the Aspnet_isapi.dll:
                     Click Start, and then click Run.
                     In the Open text box, type the following, and then
press
                     ENTER:
                     regsvr32
                     %windir%\Microsoft.NET\Framework\version\aspnet_isapi.dll
                     Regsvr32 returns the results of the registration.
                 REFERENCES
                 For more information about the Aspnet_regiis.exe utility,
run
                 this .exe file with -? as an argument.
</quote>

Hope this helps.